June 3, 2026
Macy’s shows brick-and-mortar still has real strength
A comp surprise, a guidance raise, and a clearer read on where spending is showing up
The Stock: Macy’s, Inc. (M)
People keep calling the U.S. consumer “fragile.” Macy’s just made that sound a little lazy.
On June 3, 2026, the company put up a first quarter that looked a lot more like a retailer with leverage to demand than a retailer just managing decline. Comparable sales rose 3% overall, and Macy’s itself called it the strongest first quarter for comparable sales in four years. That’s not a small statement for a legacy department store brand that has spent the last decade getting judged more on store closures than on execution.
What matters is where the strength came from. Macy’s nameplate comps were up 1.6%, but the real acceleration was higher in the stack: Bloomingdale’s comps up 10.2% and Bluemercury up 6.4%. If you’ve been skeptical that “premiumization” is still alive, those numbers are the pushback. It’s not that everyone is spending freely. It’s that the shopper who is spending wants the right product, presented the right way, with fewer excuses.
Have you tried Elon Musk’s 70x AI agent?
I’m about to do a live demonstration of Elon Musk’s latest genius invention.
It’s an AI agent – perhaps the most powerful ever created.
Elon himself believes it could 70x your money… in a short period of time.
Slight tangent, but it matters: a lot of macro commentary treats retail as one big block. It isn’t. Luxury beauty behaving well while furniture stays soft is basically the current U.S. economy in miniature. Macy’s even called out strength in prom dresses, men’s shoes, dresses, and fragrances, with furniture weaker. Translation: events and appearance categories are clearing. Big-ticket home is still heavy.
Then came the part that usually doesn’t happen after a “good quarter” in this group: they raised the year. Full-year net sales guidance moved up to $21.5 billion to $21.75 billion, adjusted EPS moved up to $2.00 to $2.20, and the comparable sales outlook shifted to a gain of 0.5% to 1.2% versus the prior range of down 0.5% to up 0.5%.
And the quarter itself was not thin. Net sales were $4.68 billion versus $4.6 billion a year ago, and adjusted EPS was $0.13, roughly $0.10 above consensus expectations.
Dear Reader,
In 182 days, the world as we know it could change, forever.
Why do I say that?
Because AI will be twice as powerful as it is right now.
As we speak… it’s doubling in strength every 6 months.
And the implications for investors are staggering.
I’ve spent 41 years watching for exactly this kind of moment.
You don’t want to wait until this window closes. But whatever you do, don’t buy or hold the leading “AI Stocks.”
Click here to watch my short presentation – before it’s too late.
Here’s where I’m at: brick-and-mortar is not “back.” It’s just not dead either. It’s selective. It rewards clean assortments, fewer markdown mistakes, and a store experience that doesn’t feel like a penalty box.
Worth a look over the next few weeks: whether Bloomingdale’s keeps carrying the growth load, and whether Macy’s can hold that 1.6% core comp without leaning too hard on promotions. That’s where this story either compounds, or it doesn’t.
